PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Monaghan Communications

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Hanley Investment Group Sells Two Multi-Tenant Strip Centers in Inland Empire for Over $9 Million - Hanley Investment Group Real Estate Advisors negotiated the sale of two multi-tenant strip centers in the Inland Empire for a total consideration of more than $9 million - HanleyInvestment.com
Hanley Investment Group Sells Two Multi-Tenant Strip Centers in Inland Empire for Over $9 Million

 

NewswireToday - /newswire/ - Irvine, CA, United States, 2012/04/16 - Hanley Investment Group Real Estate Advisors negotiated the sale of two multi-tenant strip centers in the Inland Empire for a total consideration of more than $9 million - HanleyInvestment.com.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Real Estate/Property Management Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that Hanley Investment Group negotiated the sale of two multi-tenant strip centers in the Inland Empire for a total consideration of more than $9 million. In the last 6 months, Hanley Investment Group has sold a total of 7 retail properties in the Inland Empire valued at $35 million.

William B. Asher and Patrick G. Kent represented the seller in the sale of Marketplace on Hamner, a 12,835-square-foot multi-tenant strip center in Norco, Calif. The purchase price was $5 million, representing a 7.40% capitalization rate. Marketplace on Hamner is located at 1409-1411 Hamner Avenue in Norco. Built in 2004, the property consists of two buildings situated on 1.54 acres. Tenants within the center include: Chipotle Mexican Grill, Sprint, Nutrishop, Jersey Mike's, Magic Wok, Palm Beach Tan, and Sit N’ Sleep (not a part of the sale). The property, which is adjacent to LA Fitness, was 100% occupied at the time of sale.

“Buyer demand continues to outweigh supply of quality multi-tenant stabilized retail investments in southern California,” said William B. Asher, managing director of Hanley Investment Group. “Marketplace on Hamner was on the market for a short period of time prior to us procuring an all-cash 1031 exchange buyer that closed escrow in a timely manner.”

“We were able to secure an ideal buyer for the property through Hanley Investment Group’s strategic marketing and consistent relationships with active investors and cooperating brokers in the marketplace,” said Patrick G. Kent, senior vice president of Hanley Investment Group.

“With approximately two years left on an existing CMBS loan, we were able to successfully navigate the seller and buyer through a prepayment of the existing loan through a defeasance which helped satisfy both parties’ objectives,” added Asher.

The buyer, Agins Development Corporation of Corona, CA, was represented by Woodrow Harpole of Calvert Properties in Corona, Calif. The seller was Marketplace on Hamner, LLC, of Los Angeles, Calif.

Asher and Jeremy S. McChesney represented the seller in the sale of Winston Plaza, a 34,850-square-foot multi-tenant strip center in Lake Elsinore, Calif. The purchase price was $4.3 million. Winston Plaza is located at 31762 Mission Trail in Lake Elsinore. Built in 1991, the two-building retail center is situated on 2.68 acres and consists of the following tenants: A&M Auto, Brake Masters, Carniceria Lucio, Pay Day Advance and Team Auto Aid. The property was 95% occupied at the time of sale.

“Approximately 84% of the tenancy has occupied space at the property for over 8 years or more,” said Jeremy S. McChesney, senior vice president at Hanley Investment Group. “It said a lot about the staying power of the tenants at the center; specifically getting through the past 2-3 years of the economic downturn and the property experiencing minimal vacancy during that time period.”

“It’s a diverse combination of auto, retail and office tenants in one center,” said Asher. “The buyer acquired a multi-tenant retail investment with below market rents and took advantage of today’s low interest rate financing to satisfy a 1031 exchange requirement.”

Asher notes it’s the second transaction he and McChesney have sold in Lake Elsinore in 4 months. Asher and McChesney teamed up to sell a single-tenant Walgreens for $8,086, 409 in Lake Elsinore at the end of 2011.

The buyer, Fan Family Trust, of La Habra, Calif., was represented by Richard Lee of R&L Properties-Cerritos Inc. in Corona, Calif. The seller was Palm Lake Properties, LLC in Irvine, Calif.

About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Real Estate/Property Management Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: Monaghan Communications

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Real Estate/Property Management articles,
CATCH Visitors via Your Competitors Announcements!


Hanley Investment Group Sells Two Multi-Tenant Strip Centers in Inland Empire for Over $9 Million

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

|
Publisher Contact: Anne Monaghan - MonaghanPR.com 
949-585-7610 anne[.]monaghanpr.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Monaghan Communications securities in any jurisdiction including any other companies listed or named in this release.

Real Estate/Property Management via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Monaghan Communications / Company Profile


Read Real Estate/Property Management Most Recent Related Newswires:

Ede Costa Team Joins Berkshire Hathaway HomeServices California Properties
Berkshire Hathaway HomeServices California Properties Opens New Office in Brea
Berkshire Hathaway HomeServices Nevada Properties Opens New Southwest Las Vegas Office
Berkshire Hathaway HomeServices Nevada Properties Appoints New Las Vegas Branch Manager
Homenova, Inc. Launches A Website for Private Home Sales
Real Estate Executives Appointed to GLVAR Board in Nevada
Westcorp CFO Named Top Tech Exec in Nevada
Berkshire Hathaway HomeServices Arizona Names New Manager
Berkshire Hathaway HomeServices California Properties Names Larry Tait Yorba Linda Branch Manager
Progressive Realtors Launches New Website to Connect Home Buyers & Sellers
Americana Holdings Forms Alliance with ListHub Global in Three States
Manhattan Boutique Real Estate Joins South China’s Leading Luxury Property Show
17th Annual Kansas City Pagan Pride Day - Harvest Festival and Craft Faire on September 13th
Celebrity Staging Expert Announces Ask The Stagers Platform
Berkshire Hathaway HomeServices Arizona Properties Welcomes Hamlet Terry Team

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  JobsWare.com

Visit  Triggr & Bloom





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)